"I wanted the ones that were impossible because that's where I was making the most money," he says. "Most people don't know what terms are, so I came up with really great, easy to tell stories to kind of help them understand." He uses his F-150 story to explain things to a seller who has no idea what they mean. 'The reason I'm here is because I can solve your problem at a level that other people can't,' she tells him. "'You're probably getting offers somewhere around 40, maybe $50,000' And you're wondering why all these investors are lowballing you,'" he adds.
Patrick Donley chats with Pace Morby to discuss his new book, "Wealth Without Cash". You’ll learn how to build a portfolio of off-market deals without using your own cash, what the difference is between subject-to and seller financing, how to find motivated sellers, how to overcome common seller objections and create win-win scenarios, and much more.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
02:40 - What Pace learned from his father about real estate.
02:40 - How the story of an F-150 helps sellers understand terms and becoming the bank.
06:06 - What he learned from his first mentor.
06:06 - What the “bunny story” is all about and how solving people’s problems helps everyone.
06:06 - Why it’s a requirement for success to do things you don’t understand how to do yet.
06:06 - Why 85% of Pace’s deals are structured using creative financing.
06:06 - Strategies to find motivated sellers.
46:13 - What the process of creating Wealth Without Cash was like along with the video companion guide.
46:33 - Who the book is designed for.
50:54 - Understanding the 7 layers of your “why”.
52:18 - How creative financing provides a wide variety of tools to close deals.
52:18 - What the difference is between “subject to” and seller financing.
52:18 - Why his real job is as a storyteller and educator.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusiveTIP Mastermind Communityto engage in meaningful stock investing discussions with Kyle and the other community members.